Speculation is building about Apple's plans for its next round of devices. CNET's Sumi Das and Josh Lowensohn sift through rumors swirling around the cost and features of a cheaper iPhone, possible size and screen updates to the iPad, and more.

Apple's Phil Schiller unveils the iPhone 5C, a cheaper polycarbonate model. The new iPhone will be available in five different colors and could prove to be popular in countries like China and India, where consumers buy handsets off-contract.